325 Veterans Blvd. in Rutherford — Courtesy: Cushman & Wakefield
By Joshua Burd
The developer of what will be a new 357,000-square-foot Amazon facility in Rutherford has sold the property, in a newly announced deal by Cushman & Wakefield.
The seller, Lincoln Equities Group, is eyeing a late 2022 delivery for the project at 325 Veterans Blvd. and will remain as its developer through completion. According to C&W, which represented LEG in the transaction, UBS Realty Investors paid an undisclosed price for the 26-acre site at the crossroads of the New Jersey Turnpike and routes 3 and 17.
“This is a site Lincoln had worked on since the 1990s,” C&W’s Gary Gabriel said. “It is particularly gratifying to be a part of its ultimate sale, after jointly working on concepts for over two decades in order to realize its highest and best use.”
Gabriel brokered the sale alongside David Bernhaut, Kyle Schmidt and Ryan Larkin, while Robert Klausner of Fox Rothschild LLP served as legal counsel on LEG’s behalf. The brokers noted that the property, known as Highland Cross, will ultimately have cross-docked loading, 71 dock-high doors and parking for 258 cars and 82 trailers.
Upon completion, it will be one of only 19 modern facilities in the Meadowlands industrial area that offers 36 feet or more of clear height, C&W said. The property also is a short drive from the Hudson River crossings and the largest port in the eastern U.S.
The deal comes six months after LEG announced a roughly 360,000-square-foot lease with Amazon, which will use the building as one of its many delivery centers in North Jersey. The project, which sits just west of the Meadowlands Sports Complex, is more than two decades in the making after the former New Jersey Meadowlands Commission and the borough of Rutherford tapped LEG as the redeveloper of the former brownfield site.
Since then, the firm has developed and implemented a remediation plan, completed a wetlands mitigation program and started construction on the project.
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